Apprentice Loans Regulations

Marginal note:Conditions

2 Subject to section 6, the Minister may make an apprentice loan to an eligible apprentice if the following conditions are met:

• (a) the apprentice has entered into an apprentice loan agreement for a technical training period on or before the last day of technical training;

• (b) confirmation of enrolment is submitted to the Minister;

• (c) in the event that interest started accruing prior to the first day of the current technical training period, the apprentice pays to the Minister the unpaid interest accrued under their apprentice loan agreement to the day before the first day of that technical training period; and

• (d) in the event that interest started accruing prior to the day on which the apprentice enters into an apprentice loan agreement for the current technical training period that began on the day on which interest started accruing, the apprentice

  • (i) pays to the Minister the unpaid interest accrued under their apprentice loan agreement to the day before the day on which the apprentice enters into the current apprentice loan agreement, or

  • (ii) directs the addition of the interest referred to in subparagraph (i) to the outstanding principal.